• The First Time Home Buyer Tax Credit bill provides for a $8000 tax credit available to first-time home buyers for the purchase of a principal residence on or after January 1st, 2009 and before December 1st, 2009.
• The tax credit does not require repayment.
• The tax credit is claimed on the purchaser's tax return for the purpose of reducing the purchaser's income tax liability.
• The purchaser will receive a refund in the form of a check for any credit amount that remains unused.

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